You can still do this, @MaybeIvy2020. It’s now a matter of turning your focus from ED to the right colleges that offer enough aid.
Ooh, Eeyore makes a good point. The 180k is separate from the 401k, right? In a bank account or ? I respect your parents for being so open with you, many kids can never get this detail from their families.
When he loses his job (or gets the official word,) you can go back to the college for “Professional Judgment.” It’s where they take a separate look at present circumstances. It’s another reason you want a college with the available funds and a policy of supporting kids over their four years.
The 180k is not separate from the 401k, its included in it.
We have close to nothing in savings.
And thanks, I never knew that id be in such a financial burden without the help of you guys.
I have read that even if I apply ED, if finances are a burning issue (aka dad losses job) then they can either let me loose of the binding contract or strengthen my financial aid. Is this true?
Keep in mind, our family has only gotten help of my dad as income just recently. We were living off of food stamps for a bit until my dad got a job. Once he got a job, my free lunch from school stopped, ~4 years ago.
They are listed as dependents, my family has supported them heavily with finances: day cares, medications, doctor visits, and basically anything that our low end insurance provided by my dads company doesnt cover.
Yes. Moreover, ED can work remarkably smoothly in practice. In the best examples, 100% of admitted ED1 applicants can afford to (and do) enroll.
Yes, but:
- You typically will not have the ability to *compare* the ED school FA offer with the FA offer from other schools (unless one is coincidentally delivered at the same time, usually by an EA or rolling school).
- If you do have to turn down an ED admission for FA reasons, that is effectively "wasting" your ED application and any admissions benefit you got from it.
If your financial aid package is not doable, yes, you are released from your ED contract. You can also request a review of the package and give the office additional information if you have it. If your parents pay levels have gone down significantly, or a parent lost a job, all of these things can be discussed. Usually, schools want to make it work with ED accepted students and the Financial Aid office is not as crazy busy st that time, so they might be able to work with you a bit more readily. If it’s still not doable, it’s still not a waste because you have been given an early warning about how like schools’ aid packages may be. You can change some of your RD choices if so warranted.
Only here on CC would a student describe his ACT score of 31 as low!
Okay, I get it. Since the OP is aiming for “top 20 schools” (whatever that means), the 31 would be on the lower end, but the OP needs to realize that if the rest of his application truly is excellent, he might be able to get schools to look past this, especially if liberal arts colleges are in the mix. Schools like Williams, Carleton, Wesleyan, and Bowdoin have strong programs in neuroscience and regularly admit stellar students whose ACT might be lower than the 50% midpoint for the average accepted student. Emory, too, could be considered. I would hope that the OP realizes that there is really no such thing as a “top 20” school. If the OP is pre-med, perhaps he should look at schools where he will most likely succeed at getting into medical school instead of becoming yet another once-hopeful pre-med who gets weeded out.
Finally, yes, ED will give the OP a small boost, and he can even research admissions statistics to find out where his ED chances would be greatest.
Just my opinion, but if I was you I would NOT apply ED anywhere but instead apply to a broad mix of colleges that will give you the best education, cheaply. You stated that your have a family of 5, lives in a studio, and have gone years on food stamps. I personally would not ask for a dime from your family and I would not take out any loans more than the student can afford without co-signing (especially if looking to go to graduate college). Work on getting that ACT up and apply to many match or safety colleges that would love to have a student like you. In your situation, affordability if key, did I mention, do NOT apply ED.